Management Accounting and Reporting Methods

This study-assessment consists of multiple aspects and concepts of management accounting along with different core systems and key requirements in context of Alpha Limited.

Principles & Practice of
Management
Accounting

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK...............................................................................................................................................3
P1. Management Accounting and its systems:.......................................................................3
M1 Benefits of management Accounting systems:................................................................5
P2. Different methods of management accounting reporting:................................................6
TASK 2............................................................................................................................................7
P3. Calculation of costs on the basis of marginal and absorption costing method:...............7
M2. Effectively apply a variety of MA techniques and generate correct financial reports: 14
P4. Explanation of advantages and disadvantages of different types of planning tools of
budgetary control:.................................................................................................................15
P5 Adaption of management according to respond financial problem................................17
CONCLUSION..............................................................................................................................21
REFERENCES..............................................................................................................................22

INTRODUCTION
Managing business and its numerous kind of operations is difficult as well as essential
task. Management is primary personnel that manage business and for this purpose they require
meaningful and relevant information (Anderson and Sedatole, 2013). Management accounting
key tool which can assist them in managing business. It involve conversion of raw-details and
data into useful information and facts for supporting managerial decisions. It involves systems
and frameworks which provide assistance to managers in adaption of entire system of
management accounting. This covers core areas of accounting and management, which provide a
more detailed information about organisation.
This study-assessment consists of multiple aspects and concepts of management
accounting along with different core systems and key requirements in context of Alpha Limited.
Corporation is a medium sized manufacturing enterprise with just 50 members and medium
turnover of around £ 500000 per year. Study discuss about major reporting methods and other
technique of management accounting. Further it provide explanation about planning tool and
effective comparison of corporations as to how these are adapting systems to efficaciously
responding to different financial problems.
TASK
P1. Management Accounting and its systems:
Management or managerial accounting referring to as collection of structured tasks that
systematically lead to comprehensive monitoring and evaluation of operational costs linked to
various business procedures that assist a company and business in rendering value judgements
and choices related to manufacturing, company's core practices and marketplace development &
financing (Hilton and Platt, 2013). Entities requires managerial accounting as well as its various
factors to evaluate planned budgets for performance, the expenses of key activities and then
effective distribution of funds and capital. For the growth of company, thus, the role and
operation of managerial staff and accounting officers is very crucial here. The corporation uses
different management accounting systems to acquire the requisite financial data from each
division of the organization. These are crucial part of the management accounting procedure, this
system allows the company to document important financial data from its operating operations
on a regular basis. Without the use of such system firms, budget management, risk assessment

including investment policy decisions have never been made. Here is the detailed discussion
about MA systems in relation to Alpha limited, as follows:
Management Accounting Systems:
A management accounting systems defined as a functional mechanism that helps to
produce critical information which subsequently helps formulate policies and actions. MA entails
various structures that are utilized by personnel management according to company and
organizational structure specifications (Schaltegger and Csutora, 2012). Alpha is using more than
accounting system as to support management's decisions and boost fiscal performance, as
follows:
Inventory management system: This system involve comprehensive and sequential
information of all kind of inventories and stocks. This is a framework that uses software and
other techniques or tools to manage entity's inventory and stock items. Business uses different
techniques such as LIFO, FIFO approaches to determine the business's inventory related
requirements. For the object of managing stock losses within the enterprise, the supervisor and
managing staff uses this system Inventory management system is valuable to reach optimum
resource efficiency, it helps to improve work capacity, save time and operational expenses,
deliver products to consumers at their prescribed time.
FIFO: Herein this approach very first purchased inventories are assumed to be processed or
sold first for valuing stock/inventories.
LIFO: While here it is normally assumed that most recently purchased items are sold or
processes first for valuing inventories.
Average Cost method: In it simply value of all the inventories are averaged for valuation of
inventories.
Cost Accounting System: Business use that system to assess actual cost of producing goods and
then determine the entity's level of productivity. Costing of jobs and operations is the part of the
cost accounting system. Cost accounting system is quite essential part of management
accounting, manager utilizes such system to make policies that define risks and create policies
for risk analysis, control costs, minimize material wastage. The program also assists in the
process of performance assessment. Company uses this system to assess cost effectiveness of any
key process. In Alpha like manufacturing enterprise this systems enable to determine cost of
each manufactured and processed item as well as to efficaciously control different costs.

Price optimization system
Price optimization system is the system that uses the mathematical analysis for
determining the price of a product the customers will be willing to pay. It is also used in
determine prices which meet the maximum operating profit for the company (Talley, 2017).
There are many software used by the companies to handle the complex required calculations for
price and cost. Such programs are mathematical program that enables a company to know about
the level of demand incur at different price levels. The data used in price optimization can
includes operating cost, historic prices and sales volume reports, survey data, and inventories.
Job costing system:
This system classify different processes in specific tasks and list all the costs related such
jobs as to assess the cost of job. This system is used to assigning cost to each product of the
company and then calculate and measuring cost of each order company receive free their
customer. Company use this system when their products are identical. Company make products
according to the demand of their customers. This system of managerial accounting helps in
identifying market demand of customers and useful in making and implementing decision of the
company. In Alpha limited this system is used to recognise jobs which are critical for
organisation's performance.
M1 Benefits of management Accounting systems:
System Benefit
Inventories Management System This system is advantageous for Alpha limited
in controlling numerous inventories costs and
identify the root-cause of increasing
inventories costs.
Cost Accounting System In Aplha, managers can use this system to
minimise overall production and operating
cost. It also help in regulating different costs
and optimising operational costs.
Price-optimisation System Price-optimisation is beneficial for enterprise
to control and limit prices. This assist
managers in formulating pricing strategies and

policies.
Job costing System This system mainly beneficial in effective
classification of jobs and optimising job costs
and enhance efficiencies of job processes.
P2. Different methods of management accounting reporting:
Managers use several reports from management systems to devise business-level plans,
take decisions and assess their workplace efficiency. Management accounting reporting is
structured task that provides some crucial reports which assist management in taking business
and financial decisions. Entity Aplha plc is also using different reporting tools or approaches that
assist managing staff in effective analysis and evaluation. Here below is a discussion about
multiple reporting methods, as follows:
Inventory report: This report is prepared to keep the organization's inventory level
Inventory report is actually a summery of corporation's average inventory level. It help to asses
the actual re-order stock level, minimum & maximum stock-level. This report segregates all the
inventories and allocate costs. This report all use different techniques like LIFO,FIFO as
discussed above to assess the actual stock level. In Alpha, inventory managers prepare this report
to assess the need of of stock and raw-materials as well as to minimise different costs associated
with stock like storage costs, normal and abnormal inventory costs.
Performance report: This is most essential method of managerial accounting report.
Performance report are made to identify the overall performance of organisation,which included
labour performance employees and employers performance also. Manager use this report for the
purpose of making incentive policies. Company gave rewards and recommendation to their
employees after reviewing their performance. This report is help in identifying low skilled
workforce within the organisation. In Alpha, this report is used to asses the workers/employee
performance as to determine their wages, compensations and allocate works.
Accounts-receivable Report: This report involves list of all the trade debts, accounts
receivables and bills receivables details. This is major report which determines enterprise's actual
collection period. By analysis of this report managers can determine whether debtors are capable
to repay their debts and assess any probability of deb-debts. Alpha's managers apply information

of this report to determine the credit policy in relation to debtors. This allow managerial staff to
manage cash-flows by enhancing cash collections.
Budget reports: In this method organisation use to built budget reports in order to
analysis their workforce performance (Fisher and Krumwiede, 2012). Budget report is based on
the collection of provisos data. In this method managers set a target which must be fulfilled in
prescribe time limit. After that managers identifying differences of set target and achieve target
and then make policies to reduce the gap of current and budget target. In Alpha management
apply this approach to assess the actual performance status in different areas by analysis of
variations. This is most critical report which defines the actual efficiency level.
D1. Integration of MA-systems within organisation:
Core function of managerial accounting is to provide critical and meaningful information
for management's decision making tasks, which make it necessary to integrate MA systems
within enterprise. Since lack of integration lead to barrier in generation of such information and
eventually affects decision making. In an enterprise such as Alpha Limited, financial and
accounting reporting functions and processes provide relevant information that is utilized in
more than one MA-systems, thus requiring formal integration for rapid information generation.
TASK 2
P3. Calculation of costs on the basis of marginal and absorption costing method:
Marginal costing: Marginal costs reflect additional costs generated when incremental units are
generated. It is determined by considering the overall increase in cost of producing additional
goods, as well as dividing this by changing number of goods manufactured. Under marginal
costing, marginal cost is measured to assess the actual profitability level.
Absorption Costing: The phrase "absorption costing" relates to the mechanism by which all the
expenses relating to production process are applied and then assigned separately to the goods.
This costing approach is important as per accounting standards to generate a stock value that is
recorded in an organisation's balance sheet.
Absorption costing:
(a) Cost card
Cost card (Absorption costing)

£/unit
Unit Variable Price 5
COGS Per Unit 5
Absorption cost of product 150000/ 75000= 2
Selling price 8
Less- Total cost 5
Gross Profit 3
(b) Profit and loss account:
Particulars Amount (£)
Apr
’19
May
’19
Jun
’19
Jul
’19
Aug
’19
Sep’1
9
Sales revenue 600000 480000 720000
6000
00
56000
0
64000
0
Less: Cost of Sales (WN1) 375000 300000 450000
3750
00
35000
0
40000
0
Gross Profit 225000 180000 270000
2250
00
21000
0
24000
0
Less: Non-manufacturing Cost Per
period -50000 -50000 -50000
-
5000
0
-
50000
-
50000
+/- Over/Under Absorption (WN2) 0 0 0 0 - 10000

20000
Net Profit/Loss 175000 130000 220000
1750
00
14000
0
20000
0
WNI
Calculation of Variable cost
Apr
’19
May
’19
Jun
’19
Jul
’19
Aug
’19
Sep’1
9
Opening stock 0 0 75000 0 0 75000
Production cost 375000 375000 375000
3750
00
42500
0
35000
0
Less closing stock 0 -75000 0 0
-
75000
-
25000
375000 300000 450000
3750
00
35000
0
40000
0
WN2
Calculation of Over absorption/ Under absorption
Apr
’19
May
’19 Jun ’19
Jul
’19
Aug
’19
Sep’1
9
Fixed Production Overhead with budgeted
production 150000
15000
0 150000
15000
0
15000
0
15000
0
Fixed Production Overhead with actual
production
-
150000
-
15000
0 -150000
-
15000
0
-
17000
0
-
14000
0
Over/ Under absorption 0 0 0 0
-
20000 10000

Marginal Costing:
(a) Cost card
Cost card (Marginal costing)
£/unit
Unit Variable Price 3
Marginal Cost 3
Selling price 8
Less- Marginal cost 3
Contribution 5
(b) Profit and loss account:
Particulars Amount (£)
Apr
’19
May
’19
Jun
’19 Jul ’19
Aug
’19 Sep’19
Sales revenue
60000
0
48000
0
72000
0
60000
0
56000
0
64000
0
Less: Variable cost
-
22500
0
-
18000
0
-
27000
0
-
22500
0
-
21000
0
-
24000
0
Contribution Margin
37500
0
30000
0
45000
0
37500
0
35000
0
40000
0
Less: Fixed Manufacturing Overheads
15000
0
15000
0
15000
0
15000
0
15000
0
15000
0

Less: Non-manufacturing Cost Per
period 50000 50000 50000 50000 50000 50000
Net Profit/Loss
17500
0
10000
0
25000
0
17500
0
15000
0
20000
0
WN1
Calculation of Variable Cost
Variable cost
Apr
’19
May
’19
Jun
’19 Jul ’19
Aug
’19 Sep’19
Opening stock 0 45000 0 0 45000
Production cost
22500
0
22500
0
22500
0
22500
0
25500
0
21000
0
Less closing stock 0 -45000 0 0 -45000 -15000
22500
0
18000
0
27000
0
22500
0
21000
0
24000
0
Reconciliation of Net Income under Absorption and Marginal Costing
Apr ’19 May ’19 Jun ’19 Jul ’19 Aug ’19 Sep’19
Net Profit as per Absorption
Costing 175000 130000 220000 175000 140000 200000
+Changes in Opening Stock 0 0 30000 0 0 -30000
- Changes in Closing Stock 0 -30000 0 0 30000 20000
under and over absorption rate - - - - -20000 10000

Net Profit as per Marginal
Costing 175000 100000 250000 175000 150000 200000

M2. Effectively apply a variety of MA techniques and generate correct financial reports:
Techniques of MA, support managers in formulation and preparation of financial
statements. As marginal costing approach apply marginal cost to derive net profit as evaluate
how addition of single unit can affect overall cost assigned to each unit. While in absorption
costing method, overall production/manufacturing costs are assigned to each unit including fixed
production overheads. Results of these approaches may be distinct-distinct but these help in
evaluation of multiple aspects of organisation's performance.

D2. financial reports which are precisely using and interpretation of data for variety of business
operations:
As discussed above different techniques produce financial reports which shows different
results/outcomes. As under marginal approach, net profits reported are : 175000, 130000,
220000, 175000, 140000 and 200000 over the April 2019 to September 2019 respectively. As of
from absorption method, net profits are: 175000, 100000, 250000, 175000, 150000 and 200000
during April 2019 to September 2019 respectively. Variation and difference in results are due to
over or under absorption of fixed costs. While in other part computation of BEP shows that in
prior to installation of machinery scenario BEP is 600000 and in after scenario BEP is 640000
while in both scenario profit/(loss) is 18000 and 104000 respectively shows that installation of
machine would be profitable scenario.
P4. Explanation of advantages and disadvantages of different types of planning tools of
budgetary control:
MA covers several planning tools that are approaches for controlling overall budgeted
figures. These tool assist management in defining targets and objectives. Planning tools are
defined as collection of specific approaches that are crucial for managerial decision-making and
control budgets. Moreover, these also assist in tracking variations in budgets to recognise the
factors which are main reason of such variations. Alpha can also apply planning tools to put
strict controlling over all budgeted figures and values. Here in this regard following are several
fundamental planning tools, as discussed below:
Fixed budget- This budget is fundamentally static. It remains unchanged within this resource for
a defined duration. It doesn't matter what is average turnover rate, production and input quantity
as these not affect the budget. A fixed budget eliminates organizational tensions as there is no
need for adjustments during the period. Mangers are also enabled to concentrate on the
company's core operations. In Alpha in some units this budget is used by managers for internal
analysis and taking short-term decisions. Here are following advantages and disadvantages of
fixed budget, as follows:
Advantages: This budget Readjusting how fund/monies are invested within fixed budget may
also cover unforeseen expenditure costs whereas reducing expenditure in other, less critical
areas. A fixed budget encourages an organization to evaluate both quick and lengthy-term
budgets. This budget assigns a fixed sum of funds to critical items like overhead expenses.

Disadvantage: Rigidity is primary disadvantage which directly affects corporation's key
decisions. Also with substantial changes in circumstances this budget might not be so much
relevant for managers and concerned employees.
Flexible budget: It measures the distinction among fixed versus variable costs and depends on
other variables such as amount of production and inputs, no. of employees, etc. It allows to
measure revenue, net profit etc. in various sections of all operations. This allow subsequent
changes in budget that ultimately offer updated data and information. This is useful budget
which adjusts or modifies with any alteration/changes in volumes or activities. In Alpha, this
budget enable managers to keep updated budget with change in volume of production and
objectives or goals. Here is discussion on advantages and drawbacks of this budget, as follows:
Advantages: Accuracy and relevancy of data in this budget is most crucial advantage thus it is
more preferred by managers for managerial decision-making. This assist management to control
spending level and costs after evaluation/review of reported variances within budget.
Drawback: Flexible budget indicates variations among budgets but does not expand on the
specifics or the primary reasons for the differences that should be identified. Continuous or
sudden modifications in this budget can hurt the performance and sentiments of
workers/employee personnel.
Zero Based Budget: As this name suggests, a zero-based budget implies to forming budget
through scratch/zero basis. It's distinct from a conventional budget focused on past budgets. The
zero-based budgeting mechanism includes evaluating and justifying the expenditures/costs to
arrange funds and form strategies. No balances are brought forward in this budget, or pre-
committed expenditures are not incurred. To put it plainly, it is method for planning a zero-
priority budget. This definition emphasizes the recognition of a mission and expenditures
allocation regardless of current spending structure. Here following discussion consist of
advantages and disadvantages of such sort of budget, as follows:
Advantages: Simplicity and quick-preparation is key advantage of this kind of budget, that assist
managing staff in taking decisions more quickly. Provide a quick review of current performance
based on current scenarios. Further, for short-term decisions this budget is quite helpful.
Drawback: This budget concentrate/emphasises on current year figures so here past
data/scenarios and trends are completely ignored, which can result in ambiguous outcomes and
misleading results. Some costs are less definable than others. Several areas of organisation that

don't yield tangible outcomes instantly, like research and development, may be difficult or
complex to justify.
M3. Analysing effective usage of various planning tools and use for formulating as well as
forecasting budgets:
Forecasting budget is significant task which allow managers to formulate effective
strategies and policies. Planning tools are used by managers within organisation to assess the
overall performance as well as to identify factors which can impact effective forecasting.
Managers prepare multiple budgets to handle different financial issues. Like zero-based budget
in Alpha is used by managing staff in taking short-term quick decisions and forecasting future
performance by using results of this budget. All such tools have specific benefits and drawbacks
so it is considerable aspect for managers to apply such tools as per organisational needs or
requirements.
P5 Adaption of management according to respond financial problem
As per according to the present scenario it has been identified that situations that prevails
in organisational structure can lead towards generating difficulties for entity. Accounting system
is mainly responsible for organisation financial issues these issues mainly arise when entity
could not met their outstanding debts. Mentioned below there are some of the certain business
problems that are being defined:
Problems of cash flow:
Problems of cash flow mainly arise within an organisation when the overall cash flow of
entity is not equal to the cash outflow. In this company did not have adequate amount to pay
their liabilities. Main reason behind this is that organization run either in losses or the overall
profitability of company is low. It has been identified that Alpha spends most of their earnings
on their marketing activities that lead towards increase in credit. These expenses mainly arise in
the form of taxes that are required to be pay by organisation to government.
Risk management:
It is essential for an organisation to identify risk in order to gain strong competitive image
within marketplace. There are different types of risk that are involved within an organisation and
are required to be properly understand by entity and further formulate strategies to overcome
them. Negligence of this may lead company towards many financial losses that will also affect

company performance. In relation with this, strategies and policies that have been designed by
Alpha in order to overcome the risk
Money management:
In this organisation engaged in the function of budgeting, spending, saving and tracking
monetary sources of organisation. By controlling all these elements organization can effectively
able to utilise their resources in best effective manner that further lead them to generate high
profitability. Alpha is having team who handle and manage money in a well defined manner.
Management accounting approach:
With the help of this technique company can effectively able to overcome the issues that
have been arrived within organisation (Wickramasinghe and Alawattage, 2012). Management
Accounting approach provide entity with necessary and relevant information to managers and
employees as to use resources of entity in best effective manner. In relation with Alpha the
financial problems that are being prevailing within entity can be solved with different techniques
that are being further defined below.
Key Performance Indicator (KPI): With the help of this technique organisation can
effectively able to evaluate performance of company with other competition prevailing within
marketplace (Roslender, 2016). Key performance indicator main motive is to analyse short term
and long term goals. With the help of this tools company can effectively able to measure their
performance. In context with Alpha with the help of this technique company can able to measure
and evaluate performance organisation process and goals.
Benchmarking: With the help of benchmarking technique company can able to measure
performance of organisation against rivals within marketplace. In this entity can compare them
mainly on the basis of strategy, quality and problems against their competitors. Within this day
to day performance is being measures and effective approaches are being found out as to gain
better opportunity. This approach can not only aid organisation able to accomplish their goals
and objectives in a well-defined manner but can also increase organisational performance and
efficiency in best effective manner.
By undertaking the above mentioned approaches into account Alpha management ensure
effective management of their organisational activities and functions. With the help of this
company can lead towards increasing overall profitability and productivity of organisation by
ensuring long-term sustainability within market place.

Comparison among Alpha and TPG
Basis of Difference Alpha TPG
Problem It has been identified that
ineffective and poor management
issue is being faced by Alpha
because of their higher expenses
against their profit. All these
problems impact upon working
capital of company and affect their
daily basis functioning in number of
manner. This problem is mainly
arise because of the highest
expenses that has been made by
company on their advertisement
process.
Main problem that has been
faced by company is related to
their cash flow management.
Along with this, it has been
identified that organisation is
not effective to develop
strategies as to overcome risk.
Approach With the help of key performance
indicator approach organisation can
effectively able to compare
activities and further formulate
strategies in order to gain more
competitive advantage in
marketplace.
In order to eliminate risk and
effectively manage
organisational working capital
company is taking advantage
of benchmarking approach.
M4 management accounting system lead to long term sustainable success
This has been identified that management accounting act as one of the most essential
element within an organisation (Windolph and Moeller, 2012). With the help of this company
can effectively able to overcome the financial issues company can formulate strategies in order
to manage risk related to finance in best effective manner. Along with this it has been identified

that it provide an organisation a systematic way that aid entity to save unnecessary cost and
further maintain proper record of the transaction related to fund. Along with this is it also help in
effective maintenance of stock. With the application of this method into organisational structure
company can effectively able to increase quality of the product and services and confirm the
identity towards more profitable outcomes.

CONCLUSION
From above study assessment this has been articulated that management accounting is
most crucial framework which covers all the key managerial and accounting concepts. Core
intention of MA is to assist management and other key stakeholders in decision-making.
Managing staff adapt multiple systems of MA for taking actions and respond to financial issues.
This is also provide key techniques and tools that assist managing staff in effectively handling all
key operations.

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